Legal business DWF has advised Newcastle-based housebuilders Cussins Limited on its secondary buyout by Northumberland Estates, which will help fund the business’s next phase of growth and development.
The family-owned housebuilders secured a £5m investment from the Business Growth Fund in 2014 in order to accelerate plans for new site acquisition and housing developments across the North East region. Since that initial investment Cussins has more than trebled its turnover, with sales in excess of £15m expected for 2016 and further growth forecast for 2017, and decided to look at future funding options.
DWF acted for the directors of Cussins Limited and Cussins Limited itself in the transaction which involved Northumberland Estates buying shares from the Business Growth Fund and making an investment in Cussins Limited. Northumberland Estates now has a minority stake in Cussins.
The DWF team was led by partner and Head of corporate in Newcastle Jeremy Swift, along with corporate associate Jemil Visram and solicitor Danielle Kelly.
Jeremy Swift comments: “Cussins has undergone tremendous growth and evolution over the past few years and this is a very strategic and timely decision to help fund the next phase of activity. This was a particularly complex transaction with multiple elements to consider, but ultimately we were able to deliver a very successful result for our client.”
Tom Pollard at Ward Hadaway acted for Northumberland Estates, Kirsty Adamson and Duncan Reid acted for BGF. Sintons advised Cussins Limited in relation to the property side while Newcastle-based accountants UNW, Stephen Lant, advised in relation to tax matters. Muckle LLP acted for Lloyds Bank plc.
DWF’s 180-strong national corporate practice is consistently ranked one of the most active in the UK by deal volume and to support its continued growth has made several major appointments over the last 12 months, including new London Head of Corporate Matthew Doughty from Squire Patton Boggs and partner Ross Little from William Fry who has launched the firm’s first corporate team in Dublin.